With 40,000 down assuming 35k and 5k closing thats a good amount of money to be hoping for less then 2k a year in passive income (assuming rental market stays the same and does not increase to the 2350/month)this changes on financing and your idea with the property, just my opinionGreg 

I’m 3rd that you may be paid too much from the start.2 bedrooms in C areas all in maximum $44,000 is a nice appraisal.If the tenant stays for at least 3 or more years at $900 a month would be sweet.Most I have seen has been $785 per month for 2 bedrooms in c areas.

Purchased a 3bed/1.5bath SFH and the renters want to stay!

Currently 2/3 of FL is without power from what I last heard, so they are saying it could be days or weeks.Tenants are currently staying with family.  

If it were me I'd either plan on moving,, or pay my rent to the court have rent put in escrow until repairs are made then court gives rent to owner,, it's the only legal way to stay in unit if landlord isn't doing repairs,, She must also put in writing to landlord repairs that need to be made..I'd take photos' of the issues.. 

I'd have them talk to their accountant to see if what they really own is not a 2nd home but an investment property that they stay in a bit.  

They can help guide you in the direction of what you'll need to do (if anything) to get your credit ready and give you an idea of what you can afford monthly.  

Start small, stay local, find the pain, provide a solution and continue asking questions.

Let's connect soon so you can stay on track with the 45/180 day deadlines! 

Renters are being squeezed as investors swallow up property.. and home owners raise rents in relation to their skyrocketing property values.  2004 also had an overbuild of condos, mostly funded by investors instead of future homeowners...and many of those condos stayed vacant for years..